Rising crude oil prices lift markets

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The markets opened higher with the Dow climbing 79 points to 20,735 as crude oil prices rose. Nasdaq gained 23 points to 5,901. 


On the upside


The Food and Drug Administration approved Cytori Therapeutics' (Nasdaq: CYTX) Investigational Device Exemption for a pilot clinical trial to evaluate Cytori Cell Therapy in patients with thermal burn injury.


Swift Transportation (NYSE: SWFT) will merge with Knight Transportation (NYSE KNX) in an all stock transaction valued at approximately $6 billion.


Janssen Research and Development completed the second internal data reviews of Geron's (Nasdaq: GERN) Merge and IMbark clinical trials of the telomerase inhibitor imetelstat in lower risk myelodysplastic syndromes and relapsed or refractory myelofibrosis.


On the downside


OncoMed Pharmaceuticals (Nasdaq: OMED) reported disappointing results from a Phase 2 YOSEMITE clinical trial of demcizumab to treat pancreatic cancer. Also, Bayer Pharma terminated its option to license vantictumab and ipafricept from OncoMed.


Market Realist expects analysts to downgrade AK Steel (NYSE: AKS) after the company reports first quarter results on April 24.

 

Intrawest Resorts Holdings (NYSE: SNOW) will be acquired by affiliates of Aspen Skiing and KSL Capital Partners for $23.75 per share in cash.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by 3 to 1 on Nasdaq. The broader S&P 500 index gained 7 points to 2,363. Bitcoin added $1 to $1204.


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